Taiwan shares close higher

Taipei, Taiwanese shares closed just over half a percent higher on Friday, led by three major Apple-concept stocks that rebounded on a strong showing by U.S. markets.

The Taiwan Stock Exchange’s benchmark index, the Taiex, rose 60.30 points, or 0.56 percent to close at 10,906.22 on turnover of NT$114.647 billion (US$3.933 billion).

The Taiex surged higher at the opening to 10,905.03 after the Dow Jones Industrial Average rose 1.07 percent and the tech-heavy Nasdaq rose 1.64 percent in the United States overnight.

It reached a high of 10,969.22 just after 10:30 a.m. but gradually lost momentum because of investor concerns over the possibility of volatility on global markets while Taiwan celebrates the three-day Tomb Sweeping holiday from April 4 to 6.

Taiwan Semiconductor Manufacturing Co. (TSMC), the most heavily weighted stock on the local market, gained 0.82 percent to finish at NT$246, while Largan Precision Co., a supplier of smartphone camera lenses to Apple Inc., rose 0.45 percent to end at NT$3,330.

Hon Hai Precision Industry Co., which assembles iPhones for Apple, closed 1.56 percent higher at NT$91.40.

Thanks to the government’s policy to develop offshore wind power, shares of wind power developers such as China Steel Structure Co., Ltd. and Hsin Kuang Steel Co., Ltd. also rallied.

Gainers outnumbered losers 448 to 350, with 115 remaining unchanged.

Chen Kuan-sheng, a senior researcher with Horizon SICE, forecast that high-yield shares will be more resilient amid foreseeable volatility on global markets during next week’s holiday.

Cryptocoin mining shares could face greater pressure as Bitcoin fell below the US$7,000 mark to hit a low of US$$6,915.55 late Thursday afternoon, its lowest since Feb. 6, Chen cautioned.

Source: Focus Taiwan News Channel